May 2018

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PetroVietnam, Vietnam’s state-owned oil and gas company, intends to commence commercial operations at its Hai Phong city-based US$ 325 million polyester fibre plant in November this year, Phung Dinh Thuc, chairman of the corporation, has said.

Test runs at the plant with annual capacity of 175,000 metres are going on since July 21, 2011.

The plant, set up in the Dinh Vu industrial zone, was originally scheduled to go commercially operational in August last year. However, technical flaws noted during the trial run, delayed commencement of the plant several times.

South Korea based Hyundai Engineering, the main contractor of the plant, is in the process of rectifying the flaws, and it is soon expected to complete the same. However, Mr. Thuc told reporters that the commencement of the plant would be further delayed in case the contractor requisites for more time.

Once the plant starts commercial operations, it is expected to cater to around 30-40 percent of the domestic demand, and earn revenues of around US$ 300 million per annum.

According to the company chairman, the polyester fibres churned out during the test runs were very much in accordance with the company’s quality specifications, and have all been consumed by the domestic market.

Along with its two subsidiaries, PetroVietnam holds an 81 percent stake in the plant, while the state-run Vietnam National Textile and Garment Group holds a 14 percent stake, with the rest 5 percent being with the local firm Phongphu Textile.